Newspaper article The Chronicle (Toowoomba, Australia)

Understanding Credit Card Interest-Free Days

Newspaper article The Chronicle (Toowoomba, Australia)

Understanding Credit Card Interest-Free Days

Article excerpt

Australian credit card customers are fighting an uphill battle against growing credit card interest fees by failing to take advantage of their cards' interest-free days.

With hundreds of credit cards to choose from, it can be easy to get lost in a sea of competing offers, interest rates and annual fees when looking for the right card for your needs.

But one of the most important credit card features to be aware of is interest-free periods.

When you shop around for a credit card, you will notice that some cards offer interest-free periods of up to 44 days or 55 days.

The interest-free period begins at the start of your statement period and ends on the date the payment is due.

The statement period is 30 days, with lenders then allowing you 14 or 25 days to make your repayment.

Those two timeframes combined make up the 44 or 55-day interest-free period.

So if you charge something to your credit card on the first day of your statement period, you will enjoy the full 44 or 55 days interest-free, depending on your card. …

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